The Seed Fund’s mission is to advance innovative and promising life science companies in targeted geographies throughout the Commonwealth by working with partners to leverage resources and promote economic development.
Individual investments of up to $250,000 in a convertible note will be awarded to life sciences start-ups, and up to $1 million of investment capital is available.
Eligibility & Evaluation
The Seed Fund is targeting life sciences companies broadly, which includes therapeutics, medical devices, diagnostics, and bioinformatics/digital health technologies.
Pre-seed to early-stage companies who have not yet raised their first priced round are encouraged to apply for this program.
To be eligible to apply, companies must be located in or intend to locate (with a significant presence or sound hiring/growth strategy) in one of the Seed Fund geographies: Amherst, Beverly, Lowell, Mansfield, North Adams, Springfield, Pittsfield, and Worcester.
At the time of investment, companies must be:
- Physically located in one of the Seed Fund geographies
- Employ one full-time Massachusetts employee
- Produce Certificates of Good Standing from the Department of Revenue and Secretary of State’s Office
Applications are accepted and reviewed on a rolling basis, and the evaluation will consist of a two phase process. In Phase I, submitted applications will be screened, and applicants will be notified within a month whether they will advance to pitch to the group or have an opportunity to schedule a feedback call. If advanced beyond the pitch, companies will enter Phase II, which consists of deep due diligence over the next few months. All recommendations for investment are subject to approval from the MLSC’s Board of Directors.
Impact on the Ecosystem
The MLSC is pleased to launch its first-ever Seed Fund, which leverages a federal award from the Department of Commerce’s Regional Innovative Strategies Program.
The Seed Fund aims to provide up to $250,000 in convertible notes to early-stage life sciences companies who are located in particular locations to increase visibility of opportunities, highlight the regions resources, and promote economic development overall across the Commonwealth.
Connect with us to Learn More
If you have any questions regarding the application process, e-mail: firstname.lastname@example.org.